Class 12 Business Studies - KERALA
Planning
The chapter 'Planning' in Class 12 Business Studies for Kerala SCERT introduces students to the primary function of management, which involves deciding in advance what to do, how to do it, when to do it, and who is to do it. It bridges the gap from where we are to where we want to go. For board exams, this chapter is crucial as it forms the foundational base for directing and controlling functions. Students frequently encounter direct questions on the planning process, limitations of planning, types of plans, and features of planning, making a thorough understanding of this chapter essential for scoring high marks.
Start Learning FreeKey Concepts
Planning
It is the primary function of management that involves setting objectives and formulating an action plan to achieve them efficiently.
Single-Use Plan
A specific plan designed for a one-time project or event that does not recur in the future, such as budgets and programs.
Standing Plan
A plan structured for activities that occur repeatedly over a period of time, ensuring smooth routine operations like policies, procedures, and rules.
Planning Process
A logical sequence of steps starting from setting objectives, developing premises, identifying alternatives, evaluating them, selecting the best alternative, implementing the plan, and following up.
Limitations of Planning
Inherent drawbacks where planning may lead to rigidity, reduce creativity, involve huge costs, and fail in a dynamic, unpredictable business environment.
Important Formulas
Board Exam Info
In the Kerala (SCERT) Class 12 Business Studies board examination, this chapter typically carries around 6 to 8 marks. Questions usually include 1 or 2-mark direct definitions, 4-mark questions on the planning process or limitations, and occasionally 5 or 8-mark case study/application-oriented questions regarding types of plans.
Frequently Asked Questions
What is the difference between single-use plans and standing plans?
Single-use plans are designed for non-recurring situations like a specific event or budget, whereas standing plans are used repeatedly for routine activities like policies and procedures.
Can planning eliminate risk completely?
No, planning cannot eliminate risk. It only helps managers anticipate risks and prepare measures to deal with unexpected events in a dynamic environment.
What is meant by 'Premises' in planning?
Planning premises refer to the assumptions about the future environment, such as government policies, economic conditions, and customer demand, upon which the plans are based.
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